Michelin forecasts ’05 results will match ’04 despite challenges

Paris–Despite continuing double-digit growth in raw materials costs and a less-robust economy than last year, Groupe Michelin Chairman Edouard Michelin said he expects earnings this year to at least match those of 2004.

For 2004 Michelin reported a 13.7-percent increase in operating earnings to $1610 million, pushing the earnings/sales ratio up nearly a full point to 8.3 percent. Net income, including non-recurring items, jumped 60 percent to $654.7 million. Sales grew 2.1 percent to $19 500 million.

“We look to 2005 with confidence as such…

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